Gambling revenues take a hit
Proceeds from Maine gambling have taken a nosedive, prompting members of a state budget forecasting committee to scale back anticipated revenues by millions.
Grant Pennoyer, director of the Legislature's Office of Fiscal and Program Review, who sits on the Maine Revenue Forecasting Committee, told Capitol News Service that revenues from Hollywood Slots and the Maine State Lottery are down. The panel estimates revenue from the racino will be down $3.6 million this year and that revenue for the two- year budget cycle should be reduced by about $4.5 million a year.
The panel on Tuesday heard that Maine State Lottery revenues are also failing to meet projections. Lottery Director Dan Gwadosky said both instant ticket and online game revenues are not meeting original estimates. As of Oct. 25, instant lottery tickets were down eight percent, he said. Gwadosky recommended the panel reduce revenue expectations from the Lottery by $500,000 this budget year and in each year of the next two-year budget.
The slumping economy and its impact on discretionary spending was cited as the probable cause.
Most Recent
Most Recent
Comments